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Correcting mistakes in IRA Reporting

@dmertz : I am really sorry....my language is very confusing in my previous post. I should have been clearer. 

 

I am indeed converting $19,918 to a Roth after rolling over $30,082 to a 401k.

 

But that $19,918 conversion is composed of $6000 in 2022 non-deductible contribution and $13,918 of existing IRA post-tax money (after 401k rollover).  My plan is to rollover both portions ($6000 and $13,918) together, but since they are in 2 different IRA accounts, there is a possibility that I may have to do 2 separate conversions.....

 

Hope this is clearer. Thanks so much!

dmertz
Level 15

Correcting mistakes in IRA Reporting

If the funds are in two separate accounts from which the rother conversions are performed, there will be two separate distributions for conversions to Roth.  You'll enter the two 2022 Forms 1099-R and TurboTax will combine the information onto the single 2022 Form 8606.  The result on Form 8606 will be no different than if all of the funds were in a single account and converted with a single distribution.

Correcting mistakes in IRA Reporting

Thanks for clarifying that.

 

I think this closes out this issue for me. I have all the information I need to proceed forward with the rollovers and conversions to zero out my IRA balance for 2022. 

 

I cannot thank all of you enough (especially @dmertz for patiently guiding me through this process. 

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